How does the mini budget affect you?
How does the mini budget affect you?

Companies House fees set to rise from 1st May 2024

Companies House fees are set to rise as part of the agency’s annual review. The new fees are set to come into force from 1 May 2024.

The Economic Crime and Corporate Transparency (ECCT) Bill has changed the role and purpose of Companies House giving it the powers to improve the accuracy of the information on the registers and help with tackling economic crime.

Companies House say they are working hard on a number of different workstreams to make sure they are able to implement many of the measures within the ECCT Bill and most important was how the new powers would be funded and what impact that would have on the fees they charge (Source Blog post).

The new costs affect the likes of incorporation, a change of name, confirmation statements, re-registration of a company and other services.

The agency noted that the prices are “set on a cost recovery basis”.

“This means our fees must cover the cost of the services we deliver. We do not make a profit on our fees.”

Fees brought in line

A Companies House spokesperson has said “We’re amending our fees to bring them in line with the costs of providing our services but also to recover the costs of our new powers being introduced through the Economic Crime and Corporate Transparency Act.

“This will enable the cost of investigative and enforcement activities that promote the integrity of the register, maintain a healthy business environment and combat economic crime, to be met through fees.”

“The filing fee, which has not increased since 2016, may seem large, but it will ultimately enable Companies House to deliver a better service and allow accountants to access accurate information on the register.

“Accountants will be better able to check the credibility of suppliers and other companies their clients trade with. The further digitisation of this service will only improve its integrity.”

Overseas entities 

The costs of Registration of an Overseas Entity have increased by 134% and all filings for the Register of Overseas Entities must be filed digitally.  The only exception is for those who have protected status or a pending protection application. This group will need to pay a separate paper fee.

Transaction Channel New fee / (current fee)
Registration of an overseas entity Digital £234 / (£100)
Update fee Digital £234 / (£120)
Application for removal Digital £706 / (£400)

Quantum of fees

The full list of new fees from 1st May 2024 can be found 

Are these Company House fee increases justifiable?

As a reminder, the measures in the ECCT Bill include:

  • introducing identity verification for all new and existing registered company directors, people with significant control, and those who file on behalf of companies
  • broadening the registrar’s powers to become a more active gatekeeper over company creation and a custodian of more reliable data
  • improving the accuracy of financial information on the register so that the register is more reliable and accurate, reflects the latest advancements in digital technology, and enables better business decisions
  • providing Companies House with more effective investigation and enforcement powers, and introducing better cross-checking of data with other public and private sector bodies
  • enhancing the protection of personal information provided to Companies House to protect individuals from fraud and other harms

If Companies House can achieve the aims of the ECCT Bill, we can see the justification of the Fee increases but only time will tell.

If you are concerned about what these changes mean for you please get in touch.

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